Bitcoin, again, a forty . . .
The forty-year-old allusion refers to the arrival of maturity (a 40-year-old man) and also the return of the price of BTC to around $40,000. Welcome back friend!
After several times testing support and the $29k breakout dilemma to reach $20-23k, the world’s largest cryptoactive rebounds, breaks MA50 and heads off to fight resistances in the $41,200-$47,500 region.
Another major resistance within that region is MA200 on the daily chart, which is currently at $44,900.
Breaking this moving average, there is a consolidation of the bullish movement and a new upward path opens. In this case we have…
A new dilemma
The resistance region (in red) is a strong challenge on the Bitcoin chart. However, breaking that hurdle means breaking through to seek again the $59k house and the path to a new ATH (historic high) – it is exactly the counterpoint of the break of support at $29k to reach $23-20k.
We would classify the BTC chart within a large zone of laterality between big supports and big resistances. Right now, ok, with a more bullish air, testing the resistance lines. But to evolve into a bull movement, we need to overcome this zone.